FINRA advises FINRA-registered firms that failure to remit full payment of their Preliminary Statements to FINRA by December 18, 2015, may cause the firm to become ineligible to do business in the jurisdictions where it is registered, effective January 1, 2016. FINRAregistered firms will also be subject to a late fee if payment is not received by December 18, 2015.
The Financial Industry Regulatory Authority (FINRA) has announced the U.S. Securities and Exchange Commission’s (SEC) recent approval of FINRA’s proposal to expand its transparency initiative for over-the-counter (OTC) equity securities. … Continue reading FINRA Rule to Increase Transparency in OTC Equities Market
As required by Regulation Systems Compliance and Integrity (Regulation SCI), FINRA has adopted new Rule 4380 related to mandatory member firm participation in business continuity and disaster recovery (BC/DR) testing. … Continue reading FINRA Files Rule with SEC for Authority to Designate Firms for Mandatory Participation in FINRA’s Business Continuity/Disaster Recovery Testing
There are two ways to participate: in-person or online. In-person: Marriott Marquis Washington, DC 901 Massachusetts Avenue, NW Washington, DC 20001 |Travel Disclaimer: FINRA suggests that you do not purchase … Continue reading 2016 FINRA Annual Conference
The SEC comment period ends November 3, 2015 on FINRA’s proposal to merge its dispute resolution subsidiaries, FINRA Dispute Resolution, Inc. into and with its regulatory subsidiary, FINRA Regulation, Inc. FINRA’s existing dispute resolution program would continue to operate as a separate department within FINRA Regulation, and would be referred to as the Office of Dispute Resolution.
The SEC approved amendments to FINRA rules for Cease & Desist Orders. The new rules and amendments lower the evidentiary standard to impose a temporary cease and desist order (TCDO); created a new expedited proceeding for repeated failures to comply with a TCDO or a permanent cease and desist order (PCDO); harmonized the provisions governing how documents are served in temporary cease and desist and expedited proceedings; clarified FINRA’s authority to impose a PCDO; and ease FINRA’s administrative burden in temporary cease and desist proceedings. The amendments become effective on November 2, 2015.
Effective November 16, 2015, over-the-counter transactions in NMS stocks that are reported to FINRA as qualified contingent trades (QCTs) will be identified as such for purposes of public dissemination. This change affects dissemination only; firms are not required to change the way they report QCTs to FINRA.
FINRA recently published Regulatory Notice 15-32 to provide guidance regarding the FINRA filing requirements and review procedures that apply to firms that participate in Regulation A+ offerings. Specifically, FINRA’s Corporate Financing Rules … Continue reading FINRA Provides Guidance on Regulation A+ Offerings
FINRA is hosting a WebEx presentation discussing new and updated fixed income Report Cards.
The Financial Industry Regulatory Authority (FINRA) ordered 12 firms to pay restitution totaling more than $4 million and fines totaling more than $2.6 million for failing to apply available sales … Continue reading FINRA Targets Firms for Failing to Apply Sales Charge Discounts
The SEC approved the adoption of FINRA Rule 2272 (Sales and Offers of Sales of Securities on Military Installations) to govern sales and offers of sales of securities by firms … Continue reading SEC Approves FINRA Rule 2272 – Governing Sales of Securities on Military Installations
In April 2014, the Financial Industry Regulatory Authority (“FINRA“) rolled out the CRD Public Records Validation Initiative to conduct a review of public records available for the entire population of … Continue reading CRD Public Records Validation Initiative Evolving to Ongoing Validation
The Securities and Exchange Commission (SEC) recently approved amendments to the Financial Industry Regulatory authority (FINRA) rules that lower the evidentiary standard to impose a temporary cease and desist order … Continue reading FINRA Rules Amended to Expedite Cease and Desist Orders
FINRA believes that effective liquidity management is a critical control function at broker-dealers and across firms in the financial sector. Failure to manage liquidity has contributed to both individual firm … Continue reading FINRA Issues Liquidity Risk Management Guidance
The Financial Industry Regulatory Authority (FINRA) announced that its Board of Governors approved a rulemaking item to help firms better protect seniors and other vulnerable adults from financial exploitation. The … Continue reading FINRA Board Approves Rulemaking Item to Protect Seniors
The Financial Industry Regulatory Authority (FINRA) announced that as a result of a 2014 onsite exam, it found securities violations including various misleading sales pitches, customer account churning and other … Continue reading FINRA Cracksdown on Broker Migration
FINRA’s Cybersecurity Conference provides a forum to learn the fundamentals and take a deeper dive into key areas of cybersecurity. Understand your organization’s vulnerabilities, the range of potential threats and learn tips to identify them. Gain knowledge for how to protect your organization from cyber threats and how to respond and recover when attacked
Interested in getting a discounted registration rate on the 2016 FINRA Annual Conference May 23-25, 2016? FINRA is offering discounts for those who meet requirements before Oct. 1. The special … Continue reading 2016 FINRA Annual Conference: Special Discounted Registration Rate
The Office of the Ombudsman for the Financial Industry Regulatory Authority (FINRA) recently issued its 2014 Report regarding its activities. The primary mission of the Ombudsman’s Office is to provide assistance to investors, … Continue reading FINRA Ombudsman Office Releases 2014 Report
Automatic transfers: Firms with sufficient monies in their Flex-Funding Accounts will have funds transferred to their Renewal Accounts to cover total renewal fees owed. Transfers will b e conducted every … Continue reading Automatic Transfers
Deadline for Final Renewal Statement payments.
Web CRD and IARD are unavailable due to the holiday schedule and year-end processing.
Firms with sufficient monies in their Flex-Funding accounts will have funds transferred to their Renewal Accounts to cover total renewal fees owed. Transfers will be conducted every day until Web … Continue reading Automatic Transfers to Renewal Accounts
Wed CRD and IARD are unavailable as Preliminary Renewal Statements are generating.
The Financial Industry Regulatory Authority (FINRA) a has censured and fined Charles Schwab & Co., Inc. $2 million for net capital deficiencies and for related supervisory failures. The net capital … Continue reading Net Capital Deficiency Costs Charles Schwab Millions
FINRA Member Firms may begin to submit post-dated Forms BDW & ADV-W on FINRA CRD
FINRA Member Firms may begin to submit post-dated Form U5s and Form BR closing/Withdrawal forms on FINRA CRD, which must be dated 12/31/2015.
Financial Industry Regulatory Authority, Inc. (“FINRA”) has filed a proposed rule change with the Securities and Exchange Commission (“SEC”) to adopt NASD Rule 3040 (Private Securities Transactions of an Associated … Continue reading FINRA Proposes to Adopt FINRA Rule 3280 – Private Securities Transactions
Full payment of Preliminary Renewal Statements is due.
Preliminary renewal statements and reports are available for reviewing and printing.
FINRA recently issued a Targeted Exam Letter that is focused on conflicts of interest with respect to compensation practices for retail brokerage firms. As noted in FINRA’s Annual Priorities Letter, conflicts of … Continue reading FINRA Issues Targeted Exam Letter: Compensation Conflicts of Interest Review
Rule change to adopt NASD Rule 3040 (Private Securities Transactions of an Associated Person) as FINRA Rule 3280 (Private Securities Transactions of an Associated Person) in the consolidated FINRA rulebook … Continue reading FINRA Rule Start Date: NASD Rule 3040 now FINRA Rule 3280
Rule change to amend Section 4(c) of Schedule A to the FINRA By-Laws to establish an administration and delivery fee for the new Municipal Advisor Representative Examination (“Series 50 examination”). … Continue reading FINRA Rule Start Date: Series 50 Exam Fee
FINRA is soliciting comment on a proposal to create a new Academic TRACE Data product that would be available to institutions of higher education. FINRA and the Municipal Securities Rulemaking … Continue reading Comment Period Ends: Academic TRACE Data product
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Half-Day Compliance Boot Camp: New York
FINRA periodically reviews the content of qualification examinations to determine whether revisions are necessary or appropriate in view of changes—including changes to the laws, rules and regulations—pertaining to the subject … Continue reading FINRA Revises the Series 4 Examination Program
FINRA Half-day Compliance Boot Camp focuses on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance professionals who are new to the role or those looking to reinforce their understanding of regulatory requirements and compliance responsibilities.
FINRA Half-day Compliance Boot Camp focuses on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance professionals who are new to the role or those looking to reinforce their understanding of regulatory requirements and compliance responsibilities.
The Securities and Exchange Commission (“SEC”), has approved the adoption of new FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to address conflicts of interest relating to the publication and … Continue reading SEC Approves New FINRA Debt Research Analysts & Report Rules
The SEC requested comments on a proposal to amend FINRA Rule Series 9100, 9200, 9300, 9550 and 9800 to (1) modify the evidentiary standard that must be met to impose a temporary cease and desist order; (2) adopt a new expedited proceeding for repeated failures to comply with temporary or permanent cease and desist orders; (3) ease administrative burdens in temporary cease and desist proceedings; (4) harmonize the provisions governing how documents are served in temporary cease and desist proceedings and expedited proceedings; (5) clarify the process for issuing permanent cease and desist orders; and (6) make conforming changes throughout FINRA’s Code of Procedure.
The comment period ends on August 24, 2015 for a FINRA proposal to reduce the delay period for the Historic TRACE Data Sets from 18 months to six months. For … Continue reading Comment Period Ends: Reduction of Delay Period for Historic TRACE Data
Ballots for FINRA’s election to fill one small firm seat, one mid-size firm seat and one large firm seat on the FINRA Board of Governors must be submitted prior to the Annual Meeting scheduled for July 30, 2015.
The SEC requested public comment on a proposal to amend FINRA Rule 2210 (Communications with the Public) to require a readily apparent reference and hyperlink to BrokerCheck® on: (1) the initial webpage that the member intends to be viewed by retail investors; and (2) any other webpage that includes a professional profile of one or more registered persons who conduct business with retail investors. These requirements would not apply to a member that does not provide products or services to retail investors, or to a directory or list of registered persons limited to names and contact information.
FINRA has extended the deadline to complete the 2015 Risk Control Assessment Survey(RCA) to July 31, 2015. The RCA is a survey that FINRA uses to better understand the business activities in … Continue reading FINRA Extends Deadline for 2015 Risk Control Assessment
FINRA has extended the deadline to complete the voluntary 2015 Risk Control Assessment (RCA) survey to July 31, 2015.
Oregon has joined California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New Mexico, Rhode Island, Vermont, Virginia and Washington, D.C. in the “Ban the Box” … Continue reading The Impact of “Ban the Box” Legislation on FINRA Broker-Dealers
In April 2014, FINRA announced it would conduct a review of public records available for the entire population of approximately 630,000 active registered representatives (RRs) for financial disclosures that may … Continue reading CRD Public Records Validation Initiative
The comment period ends July 27, 2015 on FINRAs concept proposal to restructure the registered representative-level qualification examination program into a format whereby all potential representative-level registrants would take a general … Continue reading Comment Period Ends: Concept Proposal to Restructure Qualification Examination Program
FINRA is requesting comments in Regulatory Notice 15-22 on a revised proposal to adopt the NASD and Incorporated NYSE rules regarding discretionary accounts and transactions as FINRA Rule 3260 (Discretionary … Continue reading FINRA Requests Comments on Revised Proposal Regarding Discretionary Accounts
FINRA will conduct its annual meeting of firms on Thursday, July 30, 2015, at 2 p.m. Eastern Time at 1735 K Street, NW, in Washington, D.C. The purpose of the … Continue reading Notice of Annual Meeting of FINRA Firms
FINRA has requested comments on a revised proposal to adopt the NASD and Incorporated NYSE rules regarding discretionary accounts and transactions as FINRA Rule 3260 (Discretionary Accounts and Transactions by … Continue reading Comment Period Ends: FINRA Request for Revised Proposal to Adopt FINRA Rule Regarding Discretionary Accounts and Transactions
The 2015 Risk Control Assessment (RCA) which was issued on June 22. FINRA has requested that the survey be completed by Friday, July 17, 2015.
FINRA Rule 3110(e) (Responsibility of Member to Investigate Applicants for Registration) is effective as of July 1, 2015. The new rule requires, prior to registration, that broker-dealers conduct an investigation … Continue reading Background Investigations Now Required by FINRA
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Boot Camp: Supervision and Branch Office Inspections
Only a few weeks remain for you to enroll in the initial course of the FINRA Institute at Wharton Certified Regulatory and Compliance ProfessionalTM (CRCPTM) program. Week I: Foundation takes … Continue reading FINRA Institute at Wharton CRCP Program Week I
Attend this event to hear about proposed changes and new developments involving the communications rules. Also, gain practical guidance on the advertising standards from industry and FINRA experts. Discounted registration … Continue reading FINRA Advertising Regulation Conference
The LeGaye Law Firm wants to advise you that FINRA launched the 2015 Risk Control Assessment (RCA) survey on June 22. Each firm’s executive representative received an email linking to … Continue reading FINRA Launches 2015 Risk Control Assessment
FINRA’s announced a new ad campaign that is meant to underscore the ease and importance of checking BrokerCheck before investing. In tangent with the print ad released, FINRA plans to … Continue reading FINRA Launches National Ad Campaign
FINRA has requested comments in Regulatory Notice 15-20 on a concept proposal to restructure the current representative-level qualification examination program into a format whereby all potential representative-level registrants would take a … Continue reading FINRA Requests Comments Proposal to Restructure the Representative-Level Qualification Examination Program
Designed for compliance and legal professionals at FINRA member firms, these events offer an opportunity to hear about current regulatory issues while engaging in a direct dialogue with FINRA District … Continue reading District 8 Chicago – District Compliance Event
FINRA plans to administer this year’s RCA in the May/June timeframe—and will announce the specific date in the Weekly Update email. The RCA is an important part of FINRA’s risk-based … Continue reading 2015 Risk Control Assessment (RCA) Survey
This podcast is the second in a three-part series on topics for firms to consider when planning their Firm Element training, as identified in the CE Council’s Spring 2015 Firm … Continue reading Podcast: Spring 2015 Firm Element Advisory – Part 2
WASHINGTON — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2015 National Compliance Outreach Program for Broker-Dealers. The … Continue reading SEC and FINRA to Hold National Compliance Outreach Program for Broker-Dealers
FINRA is soliciting comment on proposed amendments to the FINRA rules governing communications with the public. The proposed amendments would revise the filing requirements in FINRA Rule 2210 (Communications with … Continue reading FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public
The Small Firm Conference focuses on small firms’ practices and tips for complying with FINRA rules. Each session begins with a FINRA staff member highlighting key requirements of a rule, and then small firm panelists provide a step-by-step approach for complying with that particular rule.
The South Region Compliance Seminar is conducted to help firms and their associated persons better understand current industry and regulatory issues. Throughout the event, staff members from the Atlanta, Boca … Continue reading 2015 FINRA South Region Compliance Seminar
On May 12, 2015, FINRA announced that the NAC revised its Sanction Guidelines to call for tougher sanctions against those who commit fraud. For the complete new release, click here.
Regulatory Notice 15-06 stated that FINRA is soliciting comment on a proposal to require registration as a Securities Trader of associated persons primarily responsible for the design, development or significant … Continue reading Comment Period Ends: Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies
FINRA is conducting a retrospective review of the membership application rules to assess their effectiveness and efficiency. This Notice outlines the general retrospective rule review process and seeks responses to … Continue reading Comment Period Ends on the Effectiveness and Efficiency of FINRA Membership Application Rules
Chairman and CEO Rick Ketchum gave testimony before the Subcommittee on Capital Markets and Government Sponsored Enterprises Committee on Financial Services. For the full text of his testimony, click here … Continue reading FINRA Testimony Before the Subcommittee on Capital Markets and Government Sponsored Enterprises Committee on Financial Services
FINRA plans to administer this year’s RCA in the May/June timeframe—and will announce the specific date in the Weekly Update email. The RCA is an important part of FINRA’s risk-based … Continue reading FINRA 2015 Risk Control Assessment (RCA) Survey
The annual meeting of FINRA firms will take place on or about Thursday, July 30, 2015, to elect one Small Firm Governor, one Mid-Size Firm Governor and one Large Firm … Continue reading FINRA Board of Governors Election: Petitions for Candidacy Due
Registration is now open for FINRA’s Small Firm Conference, which focuses on small firms’ practices and tips for complying with FINRA rules. Each session begins with a FINRA staff member … Continue reading FINRA Small Firm Conference Registration – California
Executive Summary FINRA is soliciting comment on a proposal to expand dissemination of TRACE data to include additional Securitized Products, specifically, collateralized mortgage obligations (CMOs), commercial mortgage-backed securities (CMBSs) … Continue reading FINRA Regulatory Notice 15-04 Fixed Income Price Dessimination
FINRA Notice to Members 15-07 noted that the effective date of Rule 0190 is August 24, 2015. Rule 0190 is based largely on NASD IM-2420-1(a) (Transactions Between Members and Non-Members; … Continue reading FINRA Rule 0190 Effective August 24, 2105
In FINRA Notice to Members 15-08 , FINRA noted that it regularly conducts a comprehensive review of the examination fee structure, including an analysis of the costs associated with developing, … Continue reading Regulatory Notice: Effective Date for Changes to Qualification Examination Fees
FINRA Notice to Member 15-07 noted that the amendments to FINRA Rule 8311 would be effective August 24, 2015. In general, the amendments to FINRA Rule 8311 eliminate duplicative provisions … Continue reading Effective Date of amended FINRA Rule 8311
FINRA Notice to Members 15-07 noted that the effective date of Rule 0190 is August 24, 2015. Rule 0190 is based largely on NASD IM-2420-1(a) (Transactions Between Members and Non-Members; … Continue reading Effective Date of FINRA Rule 0190
FINRA Rule 2040 (“Rule”) governs the payment of transaction-based compensation by member firms to unregistered persons. The new amendment to the Rule is effective August 24, 2015. The amended It … Continue reading Effective Date of FINRA Rule 2040 – Payment to Unregistered Persons
The SEC approved FINRA’s proposed rule change to adopt NASD Rule 3010(e) (Qualifications Investigated) relating to background checks on registration applicants as FINRA Rule 3110(e). FINRA Rule 3110(e) becomes effective … Continue reading Effective Date of consolidated FINRA Rule 3110(e)
FINRA Notice to Member 15-07 noted that the amendments to FINRA Rule 8311 will be effective August 24, 2015. In general, while the amendments to FINRA Rule 8311 eliminate duplicative … Continue reading Amendment to FINRA Rule 8311 Approved
Daniel LeGaye, Managing Partner of the LeGaye Law Firm PC, was quoted in a March 17, 2015 article on the broadening impact on the on-boarding precess of financial firms that … Continue reading LeGaye Law Firm Quoted: Article on Client On-Boarding
FINRA Rule 4524 requires each member firm to file a Supplemental Statement of Income (“SSOI”) within 20 business days after the end of each calendar quarter via the FINRA Gateway. … Continue reading Quarterly SSOI Supplemental FOCUS Information (Quarter ending 09/30/2016)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) … Continue reading Annual Audit Filing Due Date (Period Ending June 30, 2016)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) … Continue reading Annual Audit Filing Due Date (Period Ending May 31, 2016)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) … Continue reading Annual Audit Filing Due Date (Period Ending April 30, 2018)
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) … Continue reading Annual Audit Filing Due Date (Period Ending March 31, 2018)
FINRA’s Annual Conference provides compliance professionals, securities attorneys, and other industry leaders with the opportunity to hear regulatory priorities and share compliance solutions. Click here for further details. FINRA Annual Conference … Continue reading 2015 FINRA Annual Conference
SEC Rule 17a-5(d) requires that FINRA member firms to file an Annual Audited Report electronically with FINRA through the firm Gateway and with the SEC (main office and regional office) … Continue reading Annual Audit Filing Due Date (Period Ending 03/31/2019)
The Personnel Assessment and Gross Income Assessment (“GIA”) is designed to stabilize revenues used to support FINRA’s regulatory activities. The GIA is based on a member firm’s gross revenues and … Continue reading Personnel Assessment and Gross Income Assessment
NASD Rule 2711(i) requires that a senior officer of the broker-dealer attest annually to FINRA electronically through the firm Gateway that the broker-dealer has adopted and implemented written supervisory procedures … Continue reading Annual Attestation for Research Supervisory Procedures NASD Rule 2711(i)
FINRA broker/dealers must appoint and certify to FINRA one executive representative to represent, vote, and act on behalf of the broker/dealer in all affairs of FINRA. The executive representative must … Continue reading Annual FCS Reporting for 2018
It appears that the Financial Industry Regulatory Authority (“FINRA“) intends to back away from their reliance on FINRA Rule 8210 (the “Rule”) information requests for routine matters. At the Ask FINRA … Continue reading FINRA Backing Away From Reliance on Rule 8210 for Routine Information Requests
FINRA Comment Letter – Regulatory Notice 14-09; Limited Corporate Financing Broker (LCFB) The Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 14-08 (Regulatory Notice) seeking comments on a proposed rule set … Continue reading FINRA Comment Letter – Regulatory Notice 14-09; Limited Corporate Financing Broker (LCFB)
Overview In late February, the Financial Industry Regulatory Authority (“FINRA”) released Regulatory Release 14-09, and requested public comment on the proposed rules (the “LCFB Rule Set”) for a new category … Continue reading FINRA Announces Proposed Rules for Limited Corporate Financing Broker Category
Reporting Obligations For FINRA Member Firms Increase Due to FINRA Rule 4524 FINRA Rule 4524 Despite concerns of membership, the Financial Industry Regulatory Authority (FINRA) has laid down yet another mine field … Continue reading FINRA Rule 4524 Increases Reporting Obligations For Member Firms
FINRA Comment Letter – Rule 2040 – Payments to Non-Registered Persons On December 2,2009, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 09-69 (Regulatory Notice) seeking comments on its proposal … Continue reading FINRA Comment Letter – Rule 2040 – Payments to Non-Registered Persons